Gullett Corporation had $32,000 of raw materials on hand on November 1. During the month, the Corporation purchased an additional $81,000 of raw materials. The journal entry to record the purchase of raw materials would include a:

Dr Raw materials$81, 000

Cr Accounts payable $81,000

Explanation:

Preparation of the journal entry to record the purchase of raw materials for Gullett Corporation

Since we were told that the Corporation already had the amount of $32,000 of raw materials on hand in which they later purchased an additional amount of $81,000 of the raw materials this means we are going to record the Journal entry by Debiting Raw materials with the amount of $81, 000 which is the additional amount of the raw materials purchased and toCredit Accounts payable with the same amount of $81,000.

Dr Raw materials$81, 000

Cr Accounts payable $81,000

(To record purchase of raw materials)

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answer; no individual buyer or seller has any significant impact on the market price;